Plug Power (PLUG) stock has risen 16.8% over the past week, gained 7.2% in the last month, and is up 37.7% over the past year. Wall Street’s analysts are neutral, with a Hold consensus and a 12‑month price target of $2.79, implying modest upside from the last closing price of $2.23.
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Analyst Amit Dayal reiterated a Buy rating on PLUG on March 3, 2026, setting a price target of $7.00, which signals far more optimism than the street’s average target. His view stands out against the broader Hold stance, suggesting that some analysts see a strong recovery story taking shape.
Dayal highlighted Plug Power’s latest 4Q25 results, where the company delivered net revenues of $225.2M, up 18% year over year and ahead of his $209.4M forecast. Importantly, Plug posted its first positive gross margin quarter since 2020, with $5.5M in gross profit, showing early signs that its business model may be turning a corner.
The analyst pointed to sharply improving equipment and service margins, helped by cost-saving innovations such as an air‑cooled stack solution and a more efficient dispatch model that reduced service technician needs. Despite large impairment charges in 2024 and 2025, he stressed these write‑downs reflect accounting rules on unused assets rather than obsolete operations and that some assets can be monetized.
Plug ended 4Q25 with about $994M in total cash, including restricted amounts, and expects another $275M from selling a data center, which Dayal believes strengthens near‑term liquidity. He noted management’s goal of positive EBITDAS in 4Q26 and ongoing growth in material handling and electrolyzer markets, and investors can track evolving sentiment by monitoring fresh analyst calls on TipRanks’ Top Wall Street Analysts page.